In which scenario is a broker required to disclose their personal interest in a property?

A broker is required to disclose their personal interest in a property when they are buying or selling property they own because this situation creates a potential conflict of interest. Transparency is crucial in real estate transactions to maintain trust and integrity in the industry. By disclosing their personal interest, the broker ensures that all parties involved are aware that the broker stands to gain personally from the transaction, which could affect negotiations or the information being provided.

When a broker is involved in a transaction that could benefit them financially, it is not just a best practice but often a legal requirement to disclose this information to avoid misrepresentation and ensure fair dealings. This principle upholds the ethical standards set forth by regulatory bodies, such as the OACIQ, aiming to protect consumers and promote transparency in the real estate market.